NASDAQ Rejects MassRoots Application

Many stoners around the world are familiar with the largely successful cannabis-based social media outlet MassRoots. The Denver based company connects cannabis users, businesses, and activists via the internet, making it easier for people involved in the cannabis industry to network without the fear of being shut down, as Facebook and Instagram have been known to do. The MassRoots portal provides a safehaven for 420 friendly people everywhere. And recently, MassRoots Inc (MSRT.PK) submitted an application to be included in the NASDAQ stock exchange, which was denied.

The news came on Monday, said MassRoots Chief Executive Isaac Dietrich said in a statement. “This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capitol and slow the progression of cannabis legalization in the United States,” he said. MassRoots plans to appeal the decision and NASDAQ declined to confirm whether it denied the application. As of right now, there is only one company that is listed on the NASDAQ and that is Insys Therapeutics (INSY.O). The pharmaceutical company is developing a cannabis based drug.

Cannabis related businesses and social media pages have been struggling to be accepted, even though there are 23 states that have legalized medical marijuana and a handful have even gone further and legalized recreational use of the plant. As stated earlier, cannabis businesses, users, and activists have had issues on social media, having their accounts deleted and taken from them. By NASDAQ rejecting MassRoots’ application, it may cause serious problems ahead for other cannabis related businesses attempting to get their names in official places, like NASDAQ. As of right now, these canna-companies must trade over the counter, where the regulations aren’t as strict and the trading is done between two individuals and not in a centralized exchange. Presenting a large problem for those businesses wishing to gain footing in this blooming industry.